Taxation Law Topics

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Today's Terms

Federal income tax

Definition:
The federal government levies a tax on personal income. The federal income tax provides for national programs such as defense, foreign affairs, law enforcement, and interest on the national debt.

Employee

Definition:
Works for an employer. Employers can control when, where, and how the employee performs the work.

Partnership return

Definition:
If you need more time to file a partnership return, file Form 8736, Application for Automatic Extension of Time To File U.S. Return for a Partnership, REMIC, or for Certain Trusts, for an automatic 3-month extension. File Form 8736 by the regular due date of the partnership return.

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